Gold declined in New York as a rally to near a record on concern for further policy easing in the U.S. prompted some physical sales of the metal. Gold earlier today gained as the dollar slumped to an eight-month low against the euro after Federal Reserve Chairman Ben S. Bernanke said additional monetary stimulus may be warranted because inflation is too low and unemployment is too high. The dollar since pared losses. Gold futures reached a record $1,388.10 an ounce yesterday. “Whenever gold spikes, lately there’s been some decent physical-related selling into the rallies,” said Walter de Wet, an analyst at Standard Bank Plc in London. “That combined with the sharp turnaround in the dollar after it dropped after Bernanke spoke” may have pressured gold prices, he said. Gold futures for December delivery lost $7.30, or 0.5 percent, to $1,370.30 an ounce at 9:02 a.m. on the Comex in New York. Prices earlier today rallied to $1,386.40. Bullion for immediate delivery in London was 0.8 percent lower at $1,370.15 an ounce after yesterday reaching a record $1,387.35. To contact the reporter on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net; To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net.

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